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The city's Economic Development Corp. and the New York City Investment Fund have teamed up on an initiative to fund biomedical research that has advanced beyond academic institutions, but is not yet ready to attract private funding.

The $5 million Translational Research Fund is designed to give researchers with ideas that could result in companies being formed in the city the added kick they need to propel their work out of what's come to be known in the industry as the “valley of death.”

$5M fund launched to spur bioscience startups